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Random Thoughts

By

This sucks!

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  • There's a gap in the NDX from the forth of July weekend. It "works" to NDX 1230.

  • The macros are up to 7 beans (yes, that's million) on the sell side--and they keep reloading. Duke & Duke must be psyched!

  • Gatorade was named for the University of Florida Gators (where it was first developed).

  • At market bottoms, the pervasive mindset is "let them go up and I'll short 'em." At market tops, it's "let them come in and I'll buy 'em."

  • The BBH continues to hug the breakout level (132) despite today's crimson tide.

  • It's official, my brothers new nickname is Frank the tank.

  • Thursday's low in the S&P was around 978ish. If we push through on the downside, S&P 962 (bottom of the channel) comes is the next logical support zone.

  • Gold is back at the magical $350 level (where it's had technical issues).

  • The VIX is edging back from the abyss. The repeated "tries" at 20 have created a triple bottom in point and figure work. Now, if the VIX ticks at 20, it'll create a sell signal (which has bullish connotations for the market).

  • Sixty cows can produce a ton of milk a day.

  • Microsoft (MSFT:NASD) trades heavy. Perhaps it's the dreaded "insider" window?

  • Breadth has slipped to 2:1 negative across the board.

  • The BKX 20-day is starting to cross it's 30-day (sell signal). If the banks start on the south side, Johnny, BKX 850 is an area of traction (and the only real support between here and BKX 800).

  • I continue to see the "old guard" slowly walk away from this business.

  • Has the dynamic shifted in the last few weeks? Stocks that disappoint (Nokia (NOK:NYSE), Lexmark (LXK:NYSE), ect.) are being taken out back and shot. In other words, bad news is no longer being ignored.

  • There are 2 million sandwich combinations that can be created from a SUBWAY menu.

  • Bonds continue to get smoked like a Philly blunt at a Snoop Dogg concert.

  • Liberia, while small on the global stage, reminded investors of geopolitical risk.

  • The industrials, while lower, continue to act like they're under accumulation.

  • The SPY 50-day moving average is $97.93, the QQQ 50-day is $30.08. Look for the bulls to make a stand there.
position in qqq

Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at todd@minyanville.com.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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